PayPal IRS Statements

[Bocabirdman]

This year, I have hit neither threshold and there is no statement for me on My PayPal.

[slidekellyslide]

Originally Posted by Bocabirdman

This year, I have hit neither threshold and there is no statement for me on My PayPal.

Interesting...so someone with $19,999 in sales has to report nothing to the IRS?

[Bocabirdman]

Originally Posted by slidekellyslide

Interesting...so someone with $19,999 in sales has to report nothing to the IRS?

Or more, if the second threshold of 200 transactions is not met..

Lifted from PayPal Help:

Starting in 2011, PayPal is required by the IRS to report the sales of goods and services for customers who, in a single year receive:
• More than $20,000, AND
• 200 or more payments.

[D. Bergin]

I received an e-mail from Paypal that the numbers were off on the first statement they put out for whatever reason, and they were working on getting the correct paperwork done and sent out.

[savedfrommyspokes]

Originally Posted by D. Bergin

I received an e-mail from Paypal that the numbers were off on the first statement they put out for whatever reason, and they were working on getting the correct paperwork done and sent out.

I received the same message

[greenmonster66]

I was able to log into my PayPal account under Tax documents and print up my 1099-k for 2014.

[The Nasty Nati]

So you don't have to report it to the IRS if it's under $20,000?

For the first time ever, I sold a few things on ebay last year so I'm new to this. My total sales from 2014 was under $900 so I assume I'm in the clear right?

[D. Bergin]

Originally Posted by slidekellyslide

Interesting...so someone with $19,999 in sales has to report nothing to the IRS?

You still have to report it, Paypal is just not obligated to provide a 1099 form for it.

[pencil1974]

Yeah I did mine already at the beginning of the year and just added all the incoming payments (friends & family too) and sent it off to my accountant so I get the IRS paid sooner.

[jburl]

Originally Posted by D. Bergin

You still have to report it, Paypal is just not obligated to provide a 1099 form for it.

+1

[Bocabirdman]

Even the "Free" Web Site TaxAct has "Collectables" broken out as a separate tax burden issue...........

[Donscards]

I didn't realize paypal gift would count on your 1099. Makes a big difference.

[slidekellyslide]

Originally Posted by D. Bergin

You still have to report it, Paypal is just not obligated to provide a 1099 form for it.

It would seem that the 1099 from Paypal is automated so why wouldn't they provide this to all of their users on their website?

[pokerplyr80]

Now if only I could get a deduction if I spend 20k on baseball cards for the year.